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''See also:'' [[National debt of the United States]] and [[Federal Debt Limit]]

''See also:'' [[National debt of the United States]] and [[Federal Debt Limit]]

During [[World War II]], federal debt peaked at 106% of gross domestic product in 1946.<ref>[https://www.washingtonpost.com/opinions/2020/05/27/this-is-not-your-grandfathers-debt-problem/ This is not your grandfather’s debt problem] By Eugene Steuerle, Washington Post, 2020</ref> It was not until the early 21st century that the US finally paid off its debt from World War II.[https://www.tourisme83.com/the-last-payment-france-finally-pays-off-its-debt-from-world-war-ii-38-years-later/]

During [[World War II]], federal debt peaked at 106% of gross domestic product in 1946.<ref>[https://www.washingtonpost.com/opinions/2020/05/27/this-is-not-your-grandfathers-debt-problem/ This is not your grandfather’s debt problem] By Eugene Steuerle, Washington Post, 2020</ref>  

It will take decades for Americans to pay off the [[national debt of the United States]] if this happens. And it will require Americans retiring later, controlling defense budget costs, a merit-based legal [[immigration]] system,, and sound growth economic policies.  The failed presidency of Jimmy Carter was followed by 12 years of Republican rule.

It will take decades for Americans to pay off the [[national debt of the United States]] if this happens. And it will require Americans retiring later, controlling defense budget costs, a merit-based legal [[immigration]] system,, and sound growth economic policies.  The failed presidency of Jimmy Carter was followed by 12 years of Republican rule.